Jose Luis Ramon, Argentina’s national deputy for the Mendoza province, has proposed a bill that would let people choose to receive their salaries in crypto such as Bitcoin.
Ramon declared that the proposal will let Argentina “preserve the purchasing power of their remuneration” and also reinforce its financial autonomy.
He also added that he made the decision in order to “promote greater autonomy and governance of the salary.” Indeed, if the bill becomes law, Argentinians who work outside the country will have the option of not converting their wages into pesos when they return home.
Argentina, like many other countries in South America, has experienced an increase in crypto adoption as a result of the economic problems caused by the COVID-19 pandemic. In June, the president of the country, Alberto Fernandez, declared that the inflation rate is approaching 50%.
Economist Victor Beker believes that inflation will only continue to worsen, predicting that prices could rise 60% this year in the case that the government doesn’t create a viable plan to help the situation improve.